New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-03-07
THE INSTiLMENT PLAN.

While AL credit systems are INJURIOUS to the
wcalxcr members Of the community, tempting
them b. unwarrantable outlay and fostering n
shiftlcssness which passes easily into dishonesty
compettion in trade and the needs OF the poor DO
gether constitute so great an influence in behalf
Of credit that IL will probably be always unavod
able 1t leads, however to some grave abuses
as is shown in the practical working OF the 30
called instalment plan In order TO proteco thcm
selves those who do business upon this system
have procured legislation which enables them to
recover the goods they have sold If the buyers
fail 10 discharge the obligation within a spcct
fed time In the case OF honorable firms this law
would have no bad effects, because they would
only hive recourse to 10 when such action was
rlst and necessary But all firms are not honor
mile. and those which are capable Of rogucry can,
under the law perpctrate much wrong That
moreover such firms do take base advantage OF
tbeir opportunites the records OF the courts con
clusyely demonstrate. and In many cases the
courts themselves are compelled to aid and abet
dishonest creditors in what must be characterized
AS acts OF pillage and plumber.
Here IS n case In point. An article OF furniture
Is bought on the install ment plan for twenty-five
dollars Tho purchaser pays twentythree or
ryenty-four dollars, and then something happens
10 prevent him from finishing bhe payments. Then
the vendor puts the screw on The law author
ICES him to recover the goods he has sold lie
goes to the house OF the customer ana takes away
the piece OF furniture on which perhaps but one
or two dollars still due The net result OF the
transaction is that he has his goods back and In
addition sum equal to ninety-nine hundredths
y, IT'S retail price, while the buyer has nothing
but the use OF the article during tho few weeks
or months IL was in his possession Now IL Is
plain that the law In this case Is mschleyous and
against public policy for ID encourages extraVa
gance on the part of the poor and ncltes To ras-
entity ON the part Of tradesmen. 10 offers heavy
premium for dishonest dealings in TACT, ana one
of it's effects has been TO call into existence Il
,,oIo class Of pcttifogging scoundrcls who employ
all kinds of snarcs to entice the poor into taking
Goods ON the instament plan counting through
ont ON their inability to keep UP the payments
and ON the consequent forfeiture of the goods
themselves.
There never nor could BIO valid reason
for the enactment OF the provisions which pro-
duce these results. IL is not desirable that recS
less credit giving should be encouraged by special
protectfln for the creditor Experience has often
and conclusiyely shown that the less elaborate the
machinery for the pursuit OF debtors the sounder
,vi,l be the business system. When merchants
have to depend upon themselves they make GER
thin OF the financial standing Of their customers
and they contract few bad debts The install
ment plan has led to abuses tho burden of which
falls almost wholly upon the poor. They are put
under penalties such rs apply TO no other class
The creditor under this system Is given an ex-
ceptional position. He is empowered by the COM
monwealth to commit what may be scarcely dis
tinguishable from robbery, and IL is made so well
worth his while 30 do this kind of thing that tho
Welding Of many tradesmen to the temptation Is
ANYTHING but surprising. 1t is obvious that this
is wrong. When brakeman sells without proper
security he, and he alone, should stand the risk
He has invited 10. lie has induced tho buyer
to purchase. lie has overcome tho reluctance
of the poor man to contract obligation which
can only DO discharged by degrees There Is no
reason OF Justice In extending protection to this